"Unless the restructuring that is called for in this legislation and the goal of viability is achieved by March 31, there is no justification for spending more taxpayer dollars."Against my better judgment, I will go ahead and assume that "viability" means the car companies will be able to function on their own by the end of March. They are going to "achieve" the goal of "viability" is by putting a presidential political appointee "in charge" of sorting out the whole mess and making the tough decisions if Detroit is not willing to make them itself.
Isn't this what Chapter 11 bankruptcy court is for? There is no way a political appointee is going to be able to make the tough decisions required to break union contracts, change dealership deals, restrain creditors, etc. "Oh, yeah, sorry Barack. I know you really don't want to be known as the president that told Detroit to drop dead. But, you know, I wanted to do the right thing. Got any more appointments for me?" Please. I don't understand why we can't do this in court. It has worked for the airlines. I'm actually okay with the government fronting the money because it's unavailable in the credit markets right now. But I see a real danger entrusting this mess to anyone other than a bankruptcy judge.